Former Fellowship Offices Finds $4.6 Million Buyer (Real Deals)

by George Waldon  on Monday, Sep. 15, 2008 12:00 am  

Mountaire Purchase

A 36,000-SF office building in west Little Rock tipped the scales at $4.6 million.

Mountaire Corp., led by Ron Cameron, bought the Fellowship Bible Administration Building at 1901 Napa Valley Drive at the northeast corner of Napa Valley Drive and Rainwood Road from Fellowship Bible Church of Little Rock.

Land was assembled in five deals totaling $1.6 million. The buying started with D-3 Ltd., led by John, William and Lindsay Cloud, $160,000 in September 1993.

The acquisition of four houses along Napa Valley Drive followed in September and October 2000. The sellers were Ray and Ardyce Rainey, 1801 Napa Valley Drive, $400,000; Daryl Shane Smith, 1701 Napa Valley Drive, $375,000; Charles and Mary Stein, 1811 Napa Valley Drive, $365,000; and Alberdene Little, 1711 Napa Valley Drive, $320,000.

Hotel Land


A nearly 2.7-acre hotel site in west Little Rock rang up an $899,000 sale.

TPLR Partners LLC, Zero Business Park Inc. and Whitt Properties LLC purchased the location at the south end of the Shackleford Crossings development at the southwest corner of Interstate 430 and Shackleford Road.

The seller is Shackleford Crossings LLC, led by Steve Clary. Construction of a 92-room TownPlace Suites is backed with a three-year loan of $7.8 million from First National Bank of Fort Smith.

The land previously was used to help secure an April 2008 mortgage of $20.8 million and a January 2007 mortgage of $53.2 million held by M&I Marshall & Ilsley Bank of Milwaukee.

The site was bought in October 2005 as part of an $11.4 million deal with Summit Mall Co. LLC, a joint venture between Simon Property Group Inc. of Indianapolis and Dillard's Inc. of Little Rock.

Auto Acquisition


An auto project in Sherwood changed hands in a $500,000 deal.

Car World Inc., led by Jeremy Perrone, acquired the Auto Buyers of Arkansas property at 6515 Warden Road from Billy Arrington and James and Rita Arrington.

The transaction is backed with a $400,000 loan from the sellers. The 0.9-acre location was purchased for $117,000 in August 1993 from Larry and Kim Vognet.

Car Wash Transaction

A car wash in midtown Little Rock drew a $284,000 transaction.

S&M Investors LLC, led by Herman Scott and Justin Muller, bought the 1618 S. University Ave. project. The seller is Wetsu Investments LLC, led by Charles Wade.

The deal is funded with a four-year loan of $284,000 from First Community Bank of Batesville. The 0.34-acre development previously was tied to a May 2007 mortgage of $150,000 held by Twin City Bank of North Little Rock.

The property was acquired for $225,000 in November 2006 from PK's Auto Spa Inc., led by Phillip Huffmaster.

Office Land

A 1.67-acre office site in west Little Rock is under new ownership after a $250,000 sale.

BBB&W LLC, led by Bek Kaiser, Billy Morden, Byron McKimmey and Willis Smith, purchased the land adjoining 12415 Cantrell Road from the Episcopal Diocese of Arkansas.

The transaction is financed with a one-year loan of $400,000 from BancorpSouth Bank of Tupelo, Miss.

The property was part of St. Michael's Episcopal Church and previously was linked with an August 2003 mortgage of $1.07 million held by Little Rock's Pulaski Bank & Trust.

The diocese bought the land in May 1992 for $150,000 as part of a 4.6-acre site deal with Sam Peck & Associates, led by Robert Peck.

Multifamily Property

An apartment building in downtown Little Rock sold for $175,000.

Betty Krenz acquired the 418 E. 15th St. property from Crescent Capital Investments LLC, led by Mallory Crank Jr. The deal is backed with a three-year loan of $187,500 from BancorpSouth Bank.

The 0.2-acre development was purchased for $83,000 in April 2001 from John and Anne Jarrard.

Deauville Home

A 5,000-SF home in the Deauville neighborhood of west Little Rock's Chenal Valley development rang up an $865,000 sale.

David and Linda Shaver bought the house from Carl Gray Henson Inc. The residence previously was tied to an August 2007 mortgage of $696,000 held by Regions Bank of Birmingham, Ala.

The site was acquired for $137,000 in December 2005 from Deltic Timber Corp. of El Dorado.

Germay Residence

A 4,876-SF home in the Germay Court neighborhood of west Little Rock's Chenal Valley development drew a $569,000 transaction.

Thomas and Kristi Sebera purchased the house from Seven Gables Construction Co. of Central Arkansas LLC, led by Wayne Martin.

The deal is financed with a 30-year loan of $417,000 and a five-year loan of $95,100 from Centennial Bank of Little Rock.

The residence previously was linked with a December 2004 mortgage of $620,000 from U.S. Bank of Minneapolis. The location was bought for $107,000 from Deltic Timber.

Anthony Financing

A Little Rock private school landed a $5.5 million funding agreement. Anthony School Inc. obtained the three-year loan from Regions Bank.

The 4.4-acre school development at 7700 Ohio St. previously was tied to an August 2003 mortgage of $1.2 million held by Metropolitan National Bank of Little Rock, a July 1999 mortgage of $1.2 million held by Regions Bank, and a February 1995 mortgage of $600,000 held by Little Rock's First Commercial Bank.

The nonprofit corporation acquired its 4-acre location in August 1993 for $620,392 from J.D.A. Inc., led by Jeanne Anthony. An additional 0.4 acres was added in two buys totaling $19,000.

The sellers were Jett and Georgeane Ricks Family Corp., $10,000 in September 1997; and Johnnie and Fay Rosell, $9,000 in October 1997.

Retail Funding

Development of retail space in Sherwood is in motion with a $4.5 million financial package.

R&L Properties, led by Doyle Rogers and Tommy Lasiter, received the seven-year loan from Citizens Bank of Batesville.

The 6.3-acre site in front of the new Wal-Mart Supercenter is part of the land assembled largely through two deals totaling more than $1.3 million. The sellers were Lilac LLC, led by Andy Collins, $1.03 million in November 2006; and Mary Ann Bellas and her husband, Richard, $280,000 in June 2005.

School Mortgage

Expansion of a private school in west Little Rock is backed with a $3.5 million construction mortgage.

Arkansas Baptist School System got the five-year loan from Bank of the Ozarks in Little Rock.

The 20.9-acre school development at 8400 Ranch Blvd. previously was linked with a May 2007 bond issue of $2 million through the Pulaski County Public Facilities Board and a March 2006 mortgage of $600,000 from Bank of the Ozarks.

The school system bought the location for $420,000 in June 1991 from Ranch Properties Inc., led by Ed Willis.

Industrial Note

The owner of industrial space in downtown Little Rock obtained a $1.7 million funding agreement.

Middleton Realty LLC, led by Gary and Kent Middleton, secured five-year loans of $1.7 million and $130,000 from Regions Bank.

The 5.3-acre Magna IV Color Imaging development at 2401 Commercial Drive previously was tied to an August 2005 mortgage of $2 million from U.S. Bank of Minneapolis and an April 2007 mortgage of $500,000 from Metropolitan National Bank.

The property was acquired for $1.6 million in August 2005 from H&M Realty Co., led by Stan Hastings.

Storage Loan

A midtown Little Rock redevelopment is financed with a $1.6 million mortgage.

AA Storage Development LLC, led by Scott Richburg, received the one-year loan from BancorpSouth Bank. Ten properties, covering 1.8 acres, were assembled in deals totaling $854,000.

The five biggest sellers were Levi and Richard Lance, $191,000 for 806 S. Taylor St.; Carroll and Thelma Smith, $160,000 for 802 S. Taylor St.; George and Kathleen Loss, $105,000 for 816 Fair Park Blvd.; Nau Moreno and Xihuiti Ilhuicamina, $100,000 for 824 S. Taylor St.; Edna and John Berry and Theo Mullins, $79,000 for 815 S. Fillmore St.

The other sellers were Dorothy Bevills, $60,000 for 815 S. Taylor St.; Michael Starns, $55,000 each for 5512 and 5520 Maryland Ave.; Lawrence Fee Jr., and his wife, Peggy, $40,000 for 816 S. Taylor St.; Thomas and Ethelee Beverly, $9,000 for a lot in the 800 block of South Taylor Street.

Church Construction

A Pulaski County congregation picked up a $1.5 million construction loan.

Rock of Ages Missionary Baptist Church of Maumelle Inc. got the three-year loan from First National Bank of Little Rock.

The 10-acre site on the north side of Interstate 40, a mile west of the Morgan-Maumelle exit, previously was linked with a June 2007 mortgage of $200,000 held by U.S. Bank.

The church purchased the land for $200,000 in June 2007 from Tartan Ltd., led by Morin Scott Jr.    



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